A little in-day management for gold bugs.
Last week’s update noted resistance beginning at 190 and noted that was the place to sell if you’re a trader. So I assume traders did that. But for anyone who may still have an interest in Huey’s very short-term goings on, here is a 30 min. view.
There are gaps all over the place (I wouldn’t read too much into them on these day trader views), but the important thing is that the support in the 179-180 area would be a normal shakeout pullback to a rally that is ongoing. However, by the same token if it fails, that gap in the mid 170s is yawning.
It is time to hold support if HUI is going to resume rallying on this leg. It is at a logical pullback point of roughly 50% of the rally. It if is going to stay intact to the very short-term rally theme, it needs to do it from 179 or so or it could seek out the low 170s or even the 2016 [secondary] low around 160.